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Pastimes : Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (3251)	3/4/2009 5:46:43 PM
From: TimF	Read Replies (1) \| Respond to of 3816

UBS AG now says it had about 47,000 accounts held by Americans who didn't pay U.S. taxes on their assets Something your only going to see more of with tax increases. People don't, in large numbers, incur costs and take legal risks to avoid low taxes. Higher and higher taxes makes the costs and risks seem reasonable to more and more people. And you don't only increase illegal tax evasion, you increase legal tax avoidance, and decrease the incentive to work hard and take risks to make the income in the first place. Which is not to say, as the most extreme supply siders might, that an increase of about the size Obama is proposing will reduce government revenue, he's not pushing the rates so high that they are likely to be past the inflection point on the laffer curve, but he won't increase government revenue as much as he thinks, and in the mean time he will make things generally worse for the country.